Investment properties in Nanaimo - A good time to buy
If you have been considering purchasing a rental property in Nanaimo, 2016 may be the time to do it.
I just received a rental update from Bastion Homes, a property management group, here in Nanaimo. I do not work in property management but have referred clients, with investment properties, to this company.
According to Bastions' report, Nanaimo and Parksville have low inventory levels of rental properties. Additionally there is a high demand for the inventory that is available. This shortage is causing rental rates to rise.
According to the rental market survey released by CMHC the average vacancy rate in Canada's major centers was 2.9%. In Nanaimo it is 2% and in Parksville 1%. They are both below the average .
With these low vacancy rates Bastion reports that rental rates in all rental categories, went up by approximately $50. per month in both areas.
From an investors perspective, these numbers look good.
To receive a list of potential investment properties in either Nanaimo or Parksville, please contact me.